資訊洞見

SFC licensing and compliance hints

Important change to client agreements: The SFC publishedits consultation conclusions on the Further Consultation on the Client Agreement Requirements on 8 December 2015. Licensed companies are required to include a new clause in client agreements which imposes a contractual obligation to ensure the suitability of investment recommendations and solicitations. Please refer to our client alert for details.

On-site inspections: In 2015, we have been getting frequent calls from clients telling us that they have been or are about to be inspected by the SFC. The figures below from the SFC’s website show the frequency of SFC inspections in recent years.

Quarter ended 30/9

Quarter ended 30/6

Quarter ended 31/3

Quarter ended 31/12

Risk-based, on-site inspections conducted

87
(in 2015)

69
(in 2015)

68
(in 2015)

74
(in 2014)

82
(in 2014)

78
(in 2014)

64
(in 2014)

93
(in 2013)

67
(in 2013)

72
(in 2013)

49
(in 2013)

77
(in 2012)

73
(in 2012)

72
(in 2012)

36
(in 2012)

59
(in 2011)

We believe time and effort spent in advance preparing for an SFC inspection is well spent. Please contact Jane McBride for details of our health check services.

CPT idea for 2016: As mentioned in our last newsletter, Hong Kong’s new professional investor (PI) regime will come into effect on 25 March 2016. Once licensed companies have updated their policies and procedures for the new regime, training should be conducted to ensure that all staff are aware of the changes and how those changes are going to affect them when dealing with PI investors.

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